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What is a Trust Deed?
Trust Deed Advantages (Pros)
Debt free in 3 years.
Interest and charges are frozen.
Monthly payment is based on what you can afford.
No direct fees to be paid by you but be warned some companies may charge you an upfront fee.
No more creditor contact throughout the term of the arrangement.
Avoid all of the unfavourable stigma and restrictions of bankruptcy.
Legal action and collection action will stop.
Compels you to address your financial management issues.
Removal of the temptation to get further into debt.
Trust Deed Disadvantages (Cons)
In order for the Protected Trust Deed to be agreed, you require a third in value of the unsecured creditors to approve the arrangement.
You may find getting credit in the future more expensive. Creditors will assess your risk level based on your financial history.
Your home and assets may still be at risk if the creditors decide not to exclude them. You will not be able to use your store or credit cards. These will be cut up.
You will normally not be allowed to borrow any more money until you have successfully completed your arrangement. It may however be possible to change an existing
mortgage or take a new one while you are in a Protected Trust Deed.
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